Why is everyone still obsessed with MF PE when Private Credit exists?

Everyone kills themselves to get into Apollo/KKR PE, but looking at the Private Credit shops (Ares, HPS, Golub)... the hours are better (60h vs 90h), cash comp is nearly identical at the junior levels, and the carry seems safer in this rate environment. Why is PC still treated like the 'backup' option? The risk/reward seems way better.

3 Comments
 

The lifestyle is better because the work is fundamentally different.

In PE, you are selling a growth story. In PC, you are looking for the 1% chance the company implodes. It's quite a pessimistic, downside-focused existence imo.

A lot of guys lateral to PC for the hours and realize 6 months later they are bored to tears reading credit agreements and arguing about covenants. Make sure you actually like the work not just the wlb 

 

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